To the Editor:
Democrat House Reps. Underwood/Casten Bill was introduced to raise the cap on the SALT (state/ local tax) deduction from $10,000 to $15,000, citing the Tax Cuts and Jobs Act (TCJA) of 2017 as disproportionate tax burden on Illinois families. Truth is the Underwood/Casten Bill is an automatic increased tax deduction benefit for the wealthy, not lower- to middle-income taxpayers.
Given median income $92,461 in Underwood’s 14th Congressional District, and $98,889 in Casten’s 6th District; benefits in both districts are dependent on high income to itemize tax deductions. More taxes equal more benefit. The estimated maximum benefit gained is 32% of $5,000, or $1,600.
In our 11th congressional district, where median income is $75,446, most are unlikely to benefit from the bill; unlikely to itemize, but getting the greatest benefit from the “TGJA” of 2017 increased standard deductions. The TCJA expanded the standard deduction from $6,500 to $12,000 for single filers and $13,000 to $24,000 for joint filers.
In the last Illinois election, the Democrat promise was no tax increase for low- to middle-income taxpayers. However; taxing the rich more turned out insufficient.
So the Democratic governor and legislature now want to burden the low- to middle-income taxpayers with new regressive taxes such as doubling the gas tax, taxing the rain, creating a state exit tax, taxing plastic bags, and converting I-80 to a tollway. Legislation to cut spending is non-existent.
At the national level, two Illinois Democrat Congressional members are legislating to benefit the wealthy. At the state level, we had the Democrat promise, to only tax the wealthy.
Given deemed insufficient income tax revenue produced, our Democrat-controlled state plans to turn on the tax faucet full force to take what they can from lower- to middle-income taxpayers.
You can’t make up this hypocrisy!